Krugman: A Crisis of FaithQuicklink submitted by Sheila Samples Permalink
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|Auction-rate securities seemed as good as cash because they involve regular, well, auctions, held as often as once a week, in which investors wanting out sell their positions to investors wanting in. In principle, it was always possible for auctions to fail for lack of enough willing buyers but that wasnt ever supposed to happen. And the financial contagion is still spreading. What market is next?|
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